(via NewsDirect)
The Company reported a
“In 2023, the world was captivated by the potential of artificial intelligence (AI) to revolutionize the ways in which we live, work, and travel,” said
“Foresight recently announced several milestones together with its wholly owned subsidiary,
Recent Corporate Highlights:
Eye-Net and Softbank Corp. Successfully Complete Technology Validation Phase for Connected Mobility Applications inJapan : InMarch 2024 , Eye-Net announced that SoftBank will collaborate with its business partners to initiate commercial validation efforts of Eye-Net's products inJapan . This follows the successful completion of the technology validation of Eye-Net’s products. SoftBank and Eye-Net have entered into a multi-phase agreement initiated in a paid technological POC, of which the first phase was successfully completed inNovember 2023 . Through this collaboration, SoftBank will initiate sales efforts with its key business partners to move forward with the commercial validation of Eye-Net’s solutions, paving the way for improved collision prevention inJapan .- Eye-Net Secures Follow-up Order from Leading Japanese Vehicle Manufacturer: In
March 2024 , Eye-Net announced that it has received an additional order for a paid development project from a leading global Japanese vehicle manufacturer, following the successful completion of the first two phases of a paid POC project. The parties engaged in a POC project back inFebruary 2023 . The successful completion of that phase is a significant milestone, demonstrating the feasibility and potential benefits of Eye-Net's technology for the automotive industry. Foresight Successfully Completes Project with Leading Japanese Vehicle Manufacturer: InFebruary 2024 , Foresight announced the successful completion of two POC projects with a leading Japanese vehicle manufacturer. The vehicle manufacturer evaluated the accuracy of Foresight’s unique automatic calibration capabilities to enhance 3D depth perception. Following satisfactory results, the parties are exploring co-development initiatives for further evaluation of the solution’s capabilities. Potential collaboration may involve integration of Foresight’s technology into the manufacturer’s passenger vehicles.Foresight Announces Pricing of
$4.5 Million Registered Direct Offering: InDecember 2023 , Foresight announced it entered into definitive agreements with institutional investors and insiders of the Company, including the Company’s Chief Executive Officer (through a company under his control), for the purchase and sale of 4,500,000 of the Company’s American Depositary Shares (“ADSs”) at a price of$1.00 per ADS pursuant to a registered direct offering. The gross proceeds of the offering amounted to$4.5 million before deducting placement agent fees and other offering expenses.Eye-Net Selected by European Software République Consortium to Take Part in the Road Safety Revolution: Foresight’s wholly owned subsidiary, Eye-Net Mobile, signed an agreement to join Software République in
November 2023 . Software République is a European innovation ecosystem for intelligent, secure, and sustainable mobility, founded by Dassault Systèmes SE, Eviden, Orange S.A., Renault Group, STMicroelectronics N.V and Thales Group. Eye-Net was selected to join Software République’s incubation program for a project that will deliver an accessible vehicle-to-everything (V2X) road safety solution for all road users.Foresight Receives Notice of
U.S. Patent Allowance for 3D Image Analysis System and Calibration Technology: inOctober 2023 Foresight received a notice of allowance from theU.S. Patent and Trademark Office for its patent application, number 17/982,691, for “System and Method for Stereoscopic Image Analysis.” The patented technology enables the generation of 3D depth perception from any given pair of cameras, even those that have different optical properties and fields of view. The patent serves as the underlying technology of Foresight’s Mono2Stereo™ and Mono2Stereo™ 360° perception enhancement solutions.
Fourth Quarter 2023 Financial Results
Revenues for the fourth quarter of 2023 increased by 39.4% to
Research and development (R&D) expenses, net for the fourth quarter of 2023 were
Sales and marketing (S&M) expenses for the fourth quarter of 2023 were
General and administrative (G&A) expenses for the fourth quarter of 2023 were
Financial expenses, net for the fourth quarter of 2023 were
GAAP net loss for the fourth quarter of 2023 was
Non-GAAP net loss for the fourth quarter of 2032 was
Full Year 2023 Financial Results
Revenues for the full year ended
R&D expenses, net for the full year ended
S&M expenses for the full year ended
G&A expenses for the full year ended
Financial expenses, net for the full year ended
GAAP net loss for the full year ended
Non-GAAP net loss for the full year ended
Balance Sheet Highlights
Cash and restricted cash totaled
GAAP total equity totaled
Use of Non-GAAP Financial Results
In addition to disclosing financial results calculated in accordance with
About Foresight
Foresight’s vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.
For more information about Foresight and its wholly owned subsidiary,
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses that its collaboration agreements indicate expansive and diverse potential for long-term growth, the belief that it and Eye-Net are poised to achieve commercial breakthroughs in 2024, the potential for SoftBank to initiate sales efforts with its key business partners to move forward with the commercial validation of Eye-Net’s solutions, paving the way for improved collision prevention in
The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Foresight's annual report on Form 20-F filed with the
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
As of | As of | ||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | $ | 15,635 | $ | 19,173 | |
Restricted cash | 99 | 102 | |||
Short term deposits | - | 7,216 | |||
Marketable equity securities | 474 | 2 | |||
Trade Receivables | 308 | - | |||
Other receivables | 531 | 842 | |||
Total current assets | 17,047 | 27,335 | |||
Non-current assets: | |||||
ROU asset | 1,802 | 2,156 | |||
Investment in equity securities | - | 2,804 | |||
Fixed assets, net | 461 | 598 | |||
2,263 | 5,558 | ||||
Total assets | $ | 19,310 | $ | 32,893 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
Current liabilities: | |||||
Trade payables | $ | 136 | $ | 315 | |
Operating lease liability | 468 | 527 | |||
Other accounts payables | 1,548 | 1,792 | |||
Total current liabilities | 2,152 | 2,634 | |||
Non-current liabilities: | |||||
Operating lease liability | 1,163 | 1,476 | |||
Total liabilities | 3,315 | 4,110 | |||
Shareholders’ equity: | |||||
Ordinary shares of | - | - | |||
Additional paid-in capital | 135,282 | 129,810 | |||
Accumulated deficit | -119,890 | -101,480 | |||
LTD. shareholders’ equity | 15,392 | 28,330 | |||
Non-Controlling Interest | 603 | 453 | |||
Total equity | 15,995 | 28,783 | |||
Total liabilities and shareholders’ equity | $ | 19,310 | $ | 32,893 |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE | |||||
LOSS | |||||
Year ended | Three months ended | ||||
2023 | 2022 | 2023 | 2022 | ||
Revenues | 497 | 550 | 138 | 99 | |
Cost of revenues | 143 | 252 | 39 | 44 | |
Gross profit | 354 | 298 | 99 | 55 | |
Research and development expenses | -11,587 | -11,534 | -2,430 | -3,035 | |
Sales and marketing expenses | -1,939 | -2,230 | -290 | -471 | |
General and administrative | -3,119 | -3,989 | -675 | -1,087 | |
Operating loss | -16,291 | -17,455 | -3,296 | -4,538 | |
Financing income (expenses), net | -2,119 | -4,221 | -255 | 718 | |
Net loss | -18,410 | -21,676 | -3,551 | -3,820 |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW | ||||
Year ended | Three months ended | |||
2023 | 2022 | 2023 | 2022 | |
Net cash used in operating activities | ||||
Loss for the Period | -18,410 | -21,676 | -3,551 | -3,820 |
Adjustments to reconcile loss to net cash provided by (used in) operating activities: | ||||
3,484 | 4,619 | -45 | -134 | |
Net cash used in operating activities | -14,926 | -17,057 | -3,596 | -3,954 |
Cash Flows from Investing Activities | ||||
Changes in short term deposits | 7,216 | 10,297 | - | 10,527 |
Purchase of fixed assets | -124 | -313 | -10 | -31 |
Investment in SAFE | - | -286 | - | - |
Investment in equity securities | - | -715 | - | - |
Net cash provided by (used in) investing activities | 7,092 | 8,983 | -10 | 10,496 |
Cash flows from Financing Activities: | ||||
Issuance of ordinary shares, net of issuance expenses | 4,181 | - | 4,048 | - |
Net cash provided by financing activities | 4,181 | - | 4,048 | - |
Effect of exchange rate changes on cash and cash equivalents | 112 | -839 | 1,094 | 197 |
Increase (decrease) in cash and cash equivalents and Restricted cash | -3,541 | -8,913 | 1,536 | 6,739 |
Cash and cash equivalents and Restricted cash at the beginning of the period | 12,536 | |||
19,275 | 28,188 | 14,198 | ||
Cash and cash equivalents and Restricted cash at the end of the period | ||||
15,734 | 19,275 | 15,734 | 19,275 |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW | ||||
Adjustments to reconcile loss to net cash provided by (used in) operating activities: | Year | Three months | ||
ended | ended | |||
2023 | 2022 | 2023 | 2022 | |
Share-based payment | 1,441 | 1,826 | 258 | 443 |
Depreciation | 263 | 218 | 72 | 57 |
Revaluation of marketable equity securities | 2,330 | 2,217 | 754 | -1,268 |
exchange rate changes on cash and cash equivalents | -112 | 839 | -1,094 | -197 |
Changes in assets and liabilities: | ||||
Decrease (increase) in other receivables | 311 | -182 | 384 | 158 |
Increase (decrease) in trade payables | -179 | 62 | -115 | 87 |
Increase in trade receivables | -308 | - | -308 | - |
Change in operating lease liability, net | -18 | -289 | 101 | 23 |
Increase (decrease) in other accounts payable | -244 | -72 | -97 | 563 |
Adjustments to reconcile loss to net cash provided by (used in) operating activities | ||||
3,484 | 4,619 | -45 | -134 | |
Supplemental cash flow information related to operating leases was as follows: | ||||
Year ended | Three months ended | |||
2023 | 2022 | 2023 | 2022 | |
Cash payments for operating leases | 537 | 550 | 138 | 139 |
New operating lease assets obtained in exchange for operating lease liabilities | 155 | - | - | - |
SUPPLEMENTAL RECONCILIATION OF GAAP TO NON-GAAP RESULTS | ||||
(Unaudited) | ||||
Year ended | Three months ended | |||
2023 | 2022 | 2023 | 2022 | |
GAAP operating loss | -16,291 | -17,455 | -3,296 | -4,538 |
Share-based compensation in cost of services | 9 | 25 | 2 | 8 |
Share-based compensation in research and development | ||||
849 | 929 | 152 | 233 | |
Share-based compensation in sales and marketing | 118 | 196 | 17 | 33 |
Share-based compensation in general and administrative | ||||
465 | 676 | 87 | 169 | |
Non-GAAP operating loss | -14,850 | -15,629 | -3,038 | -4,095 |
GAAP net loss | -18,410 | -21,676 | -3,551 | -3,820 |
Share-based compensation expenses | 1,441 | 1,826 | 258 | 443 |
Non-GAAP net loss | -16,969 | -19,850 | -3,293 | -3,377 |
Contact Details
Investor Relations Contact:
+1 917-607-8654
msegal@ms-ir.com
Company Website
https://www.foresightauto.com/
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Copyright (c) 2024 TheNewswire - All rights reserved., source